The GWS Giants are leading a private consortium in a proposal for an $800 million upgrade to Manuka Oval. Photo: Matt Bedford

It would involve a makeover for the stands, including 4750 permanent seats to replace temporary seating and new roofing to cover 80 per cent of capacity, as well as improving corporate suites, media facilities and player change rooms.

The deal would be subject to a formal approval process, but Shepherd has no doubt it would lay the platform for sell-out crowds for international cricket and AFL in Canberra.

The GWS Giants say they want to stay in Canberra beyond the 10-year deal with the ACT government.

The Giants have a 10-year deal with the ACT government worth $23 million to play three AFL premiership matches and a pre-season fixture in Canberra until the end of 2021.

Canberra AFL supporters have been burnt in the past by clubs taking a cash-grab to play games at Manuka Oval and leaving when the money dries up.

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But Shepherd has forecast a long-term future in the capital and hopes a Manuka Oval redevelopment would help boost crowds for all sports at the venue.

"Canberra is part of our DNA [at the Giants]. We've been looking for an opportunity to cement our relationship with Canberra a lot more solidly, beyond the 10-year deal with the ACT government," Shepherd said.